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Brite Advisors USA breached core safeguards in cross-border asset management

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Photo: Jon Feingersh Photography Inc/Getty Images

SEC’s case highlights how undisclosed conflicts and custody rule violations put client assets at risk.

Brite Advisors USA, Inc has been permanently barred from acting as an investment adviser after settling SEC charges related to custody rule violations and undisclosed conflicts of interest.

The firm, which oversaw nearly $400m in client assets held by an affiliated Australian entity, failed to obtain required internal control reports